Private and Public Cloud Market Size in the Financial Services Industry to Increase by USD 90,175.21 Million: 37% Growth to Originate from North America – Technavio – QNT Press Release

NEW YORK, Nov. 26, 2022 /PRNewswire/ — The private and public cloud market in the financial services industry by service type, deployment, and geography – forecast and analysis 2023-2027 report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 18.81% and register an incremental growth of USD 90,175.21 million during the forecast period. The report provides a comprehensive analysis on growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Download a Free PDF Sample Report

Based on region, the global private and public cloud market in the financial services industry is segmented into North AmericaAPAC, Europe, South Americaand the Middle East and Africa. North America is estimated to contribute 37% to the growth of the global market over the forecast period. The major users of cloud computing services in the region are the banking, financial services, insurance, e-commerce, and telecommunications sectors.

The private and public cloud market in the financial services industry report includes information on the key products and recent developments of leading vendors, including:

• Accenture Plc: The company offers private and public cloud services such as the Accenture Cloud Platform.
• Alibaba Group Holding Ltd.: The company offers private and public cloud services such as Alibaba Cloud.
• Alphabet Inc.: The company offers private and public cloud services such as Google Cloud, which is suitable for banking, capital markets, insurance, and payment services.
• Amazon.com Inc.: The company offers private and public cloud services such as AWS Cloud, which is suitable for banking, payments, capital markets, and insurance services.
• Eze Castle Integration Inc.: The company offers private and public cloud services such as ECI-managed cloud solutions.
• Fiserv Inc.
• Fujitsu Ltd.
• Hewlett Packard Enterprise Co.
• Huawei Technologies Co. Ltd.
• Infosys Ltd.
• To gain access to more vendor profiles available with Technavio, buy the report!

The market is driven by factors such as the growing demand for virtually unlimited storage and big data, increased focus on cost optimization and scaling computation, and high focus on sustainability using green IT. However, data security and privacy are hindering market growth.

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth among market shares, Request a Sample

• Based on service type, the market is segmented into SaaS, IaaS, and PaaS. The SaaS segment accounted for the largest share of the market in 2022.
• Based on geography, the market is segmented into North AmericaAPAC, Europe, South Americaand Middle East and Africa. North America held the largest share of the market in 2022.

The public cloud services market size is projected to grow by USD 221.84 billion from 2021 to 2026, and the market’s growth momentum will decelerate at a CAGR of 19%. The increasing adoption of IoT, ML, and big data is notably driving the public cloud services market growth, although factors such as vendor lock-ins may impede market growth.

The cloud storage services market size is projected to grow by USD 79.89 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 18.43%. The rising enterprise mobility and the need to improve efficiency are notably driving the market growth, although factors such as vendor lock-in issues may impede the market .

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What are the key data covered in this private and public cloud market in the financial services industry report?

• CAGR of the private and public cloud market in the financial services industry during the forecast period
• Detailed information on factors that will drive the growth of the private and public cloud market in the financial services industry between 2023 and 2027
• Precise estimation of the size of the private and public cloud market in the financial services industry and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the private and public cloud market in the financial services industry across APAC, North America, Europe, Middle East and Africaand South America
• Thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of private and public cloud market in the financial services industry vendors

Full story available on Benzinga.com

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